When you plan out your business, don’t forget about your finances. You should make it a point to keep your personal and business finances separate, and that often means getting a separate credit card for your business.
If you are applying for your first business credit card, you will likely need to use your personal credit to some degree. A creditor likes to know that, if your business fails, you will likely be able to cover the debt. Over time, as your business succeeds, you will be more likely to get another credit card based on your own situation.
It took me several years to get a straight credit card for my own business, and I was happy when the day arrived that I received a business card separate from my personal finances.
As you consider your choices for credit cards, here are 3 of the best business credit cards:
Blue for Business Credit Card from American Express
So far, I’ve really enjoyed my American Express personal credit card. It’s an airline card, and it has already resulted in more than one free flight — and I’ve had it for less than a year. I don’t have an American Express business credit card, but I would definitely consider the Blue for Business Credit Card.
The signing bonus for this business credit card is 10,000 points if you make your first purchase on the card within the first three months. One of the best things about the Blue for Business card from American Express is the fact that there is no annual fee. Not only that, but you get a 30% bonus on the anniversary of your card membership.
This is a card based largely on travel. You receive two points for each dollar spent travel booked through the American Express travel site, and one dollar spent everywhere else. However, you can redeem your points for more than just travel. It’s possible to redeem for statement credit or merchandise. Your best value, though, can be through redeeming for a retail gift card.
With this business credit card, you have access to the American Express OPEN network, offering you special discounts and rewards from partners like Office Max, FedEx, HP, Hertz, and more.
One of the nice things about this card is that those with great credit can get an interest rate as low as 11.24% (although there are other rate levels, including 15.24% and 19.24%). You might also qualify for a lower intro rate for nine months.
Chase Ink Plus
If you are looking for premium travel rewards for your business, the Chase Ink Plus card is one of your best bets. As of this writing, the Chase Ink Plus business credit card offers a signing bonus of 50,000 points when you spend $5,000 in the first three months.
Additionally, there is a reasonable interest rate of 15.24%, and the annual fee of $95 is waived for the first year. If you travel for business, this card can be worth it, even with the $95 annual fee, since the right moves can mean that you get a better value than the $95 fee.
Not only can you get the signing bonus, but you can also earn points fairly quickly, depending on different categories.
Here is the point breakdown for the Chase Ink Plus Credit Card:
- 5 points for every dollar spent (on the first $50,000) for what you spend at office supply stores, as well as what you spend on phone, Internet, and cable TV.
- 2 points for each dollar (on the first $50,000) for purchases made at gas stations and hotel accommodations.
- 1 point on all other purchases, without limit.
As you can see, this card rewards you for expenses you are likely to incur for your business on a regular basis. On top of that, you won’t pay any foreign transaction fees, and it’s a chip and signature card, so it’s compatible outside the United States in countries where they use chip systems. You can also get a 20% discount on travel by redeeming your points through Chase Ultimate Rewards.
If you do a lot of business travel, this card is the one for you.
CitiBusiness AAdvantage Platinum Select World Mastercard
This platinum credit card is another one that is ideal for travel. Not only can you get a 50,000 signing bonus when you make $3,000 in purchases during your first three months, you will also get two Admirals Club One-Day Passes.
Travel perks are the main advantage to this business credit card. Your first checked bag is free all the time with this card, and four of your travel companions also see a first free bag.
You also always receive Group 1 boarding when you have this card. Finally, each year that you spend $30,000 or more on this business credit card, you will receive a Companion Certificate. This perk alone offsets the $95 annual fee (waived for the first year).
You always earn two times the points for every dollar spent on eligible American Airlines and US Airways purchases, as well as on select purchases in business categories that you use on a regular basis. Everything else receives one point. Plus, each year on your card membership anniversary, you will receive a 5% bonus.
For those who travel a lot for business, and often bring employees along, this is a great card, with some good perks.